At the start, you will have to find an independent certified appraiser to sell a house. You can either reach out through phone listings or you can speak among probate property real estate professionals in Los Angeles who can recommend one.
Your next move is to proceed by filing a petition with the court to sell a property in probate in Los Angeles. You can do this once you have the certified appraisal. While filling out your petition, ensure the information that includes pertinent information about the property is accurate. Include the method that will be used to complete the sale, be it at an auction or on the open real estate market. Submit your petition along with your certified appraisal. You may proceed to the sale once you’ve obtained the court’s approval.
Offer the Property
For sale, with conditions! Now that you can finally take action and sell a property in probate in Los Angeles, make sure to disclose with the potential buyer that the court’s confirmation of the transaction is required before you sign the deal. Also, make sure that the offer is conditional.
Once you’ve petitioned the court for a hearing to confirm your sale, you can expect from the filing date a delay on the court calendars ranging from 20 to 40 days.
At this time, plan to collect a 10 percent deposit from the buyer which is based on the purchase price.
The ultimate goal of the sale of a probate property in Los Angeles is to get the highest possible amount for the estate, court hearing must be advertised to the general public for a process known as open bidding. This allows any additional interested parties to participate in the purchase of the real estate, helping to raise the final purchase price.
Need to attend the court hearing and wait until the unconditional bidding has concluded and presented a cashier’s check for the final figure. Your buyer will be able to participate with any member of the public who so choses and bids increase by $500 at a time.
Refunding the Deposit
Be prepared to refund their 10 percent deposit should a new buyer overbid your buyer during the court proceedings. Otherwise, should your original buyer maintain the highest bid, the funds you previously collected when you sell a house would be applied to the purchase.
As you sell a house and finally close the contract for your probate property in Los Angeles, be sure that the costs of the property are covered by the financing. Also, you’ll be responsible for placing the full amount into the estate fund.
Call Mrs. Property Solutions today at (310) 658-8252 or send us a message to sell a property in probate in Los Angeles.
We’re here to assist you during this difficult time and make the process easy for you to sell a house in Los Angeles.